Crypto Markets See Mixed Red and Green, BTC and ETH Hold Ground
Crypto markets are today largely green, but scattered mild corrections are affecting several major-market-cap altcoins.
Monday, September 17: crypto markets are today largely green, but scattered mild corrections are affecting several major-market-cap altcoins, as data from Coin360 shows.
Market visualization by Coin360
Bitcoin (BTC) is just a fraction of a percent down on the day to trade at $6,484 to press time. Having reclaimed the $6,500 price point September 13, the top coin failed to break through to a yet higher level, but has instead jaggedly circled to consolidate the $6,500 mark.
Despite a brief dip earlier today below $6,460, Bitcoin has since somewhat rebounded in the hours before press time.
On the week, Bitcoin is up almost 4 percent, with monthly gains at a modest 2.66 percent.
Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) is today trading around $219 to press time, down just half of a percent on the day. The top alt has been on a tear as of the evening of September 12, seeing double-digit growth to rebound from its intraweek dip to below $170 back to a comfortable $50 higher.
Over the past couple of days, Ethereum has cleaved close to the $220 mark, only losing ground briefly yesterday, September 16.
Ethereum is up a bullish 11.8 percent on its weekly chart, and has significantly closed down its losses on the month, which are now at 23.5 percent.
Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index
Among the other top ten coins on CoinMarketCap, most are seeing modest gains capped at 2 percent maximum. Stellar (XLM), ranked 6th, is the strongest performer over the 24-hour-period, up 1.9 percent to trade at $0.208 to press time.
Litecoin (LTC) has shed around 1 percent in value on the day and is trading at $55.89.
Among the top twenty coins by market cap, most gains and losses are mostly within a 2 percent range either way, with the exception of Dash (DASH), ranked 11th, which has sealed a solid 4.3 growth on the day and is trading at $196.81 to press time.
Total market capitalization has been fluctuating on the day. After briefly spiking as high as $204.4 billion earlier today, it has since declined to $202.6 billion as of press time.
The week has has seen a jagged but nonetheless consistent recovery since total market cap dipped as low as around $186.3 billion September 12.
7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap
A Cointelegraph analysis piece this weekend gave insights into the oft-repeated analogy drawn between the crypto bear markets and the dotcom bubble. As Bloomberg reported earlier this week, VanEck’s MVIS CryptoCompare Digital Assets 10 Index – which tracks the prices of top ten digital assets – was down 80 percent as compared with its January high. The data thus represents a heftier plummet than the Nasdaq Composite Index’s 78 percent nosedive at the height of the dot-com crash.
Nevertheless, as CT’s analyst argued, key structural differences – including a significantly smaller total market cap size for crypto and the fact that retail investors have a significant footprint in the crypto industry, unlike the venture capitalists of the dotcom days – means that such comparisons are not necessarily as clear-cut as the figures may at first glance suggest.
You may be interested
Major Spanish Bank BBVA Closes €150 Mln Loan With Porsche Holding Using Blockchainbtcethereumadmin - December 14, 2018
Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria, has closed a €150 million loan using blockchain technology. Spain’s second largest…
Bitcoin Cash Tanks 13 Percent as Major Cryptocurrencies All Fall Hardbtcethereumadmin - December 14, 2018
The cryptocurrency bear market continues in earnest as Bitcoin Cash investors in particular see holdings evaporate. Friday, Dec. 14 —…
Top Crypto Exchange Binance Adds Circle’s USDC to Its Combined Stablecoin Marketbtcethereumadmin - December 14, 2018
Major crypto exchange Binance has added Circle’s USD-pegged stablecoin USD Coin as a quote asset in its combined Stablecoin Market.…